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- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
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NEWSLETTERS & ALERTS
Wells Fargo Chairman to Step Down
by Howard Haykin
In what may be a prelude to a shake-up of the Wells Fargo Board of Directors, Chairman Stephen Sanger announced that he will step down from the Board by spring of 2018. Mr. Sanger, a former Chairman of General Mills, joined the Wells Fargo board after last year’s news of the account scandal broke. Elizabeth Duke, who currently serves as Vice Chair on the Board, will replace Mr. Sanger as Chair. She was previously on the Federal Reserve Board of Governors, and before that was COO for TowneBank, a Virginia-based medium-sized lender.
ELIZABETH WARREN IS PLEASED. Sen. Elizabeth Warren has got to be pleased with the news. Back in June, she called upon Federal Reserve Chair Janet Yellen to use her powers to fire 12 Wells Fargo directors who served during the bank’s fraudulent account opening scandal. Ms. Warren reasoned that a federal statute allows Yellen to remove bank executives if they “engaged or participated in any unsafe or unsound practice” that caused the bank to “suffer financial loss.”
The 12 board directors mentioned by Ms. Warren, are: John D. Baker II, John S. Chen, Lloyd H. Dean, Elizabeth A. Duke, Enrique Hernandez, Jr., Donald M. James, Cynthia H. Milligan, Federico F. Pena, James H. Quigley, Stephen W. Sanger, Susan G. Swenson, and Suzanne M. Vautrinot.
Meanwhile, a board shakeup has been resisted by Warren Buffett, whose Berkshire Hathaway owns about 10% of the company and wields enormous influence at the bank.
FINANCIALISH TAKE AWAY. It's now anyone's guess as to what comes next: (i) a new scandal, or (ii) more board departures.